|
How to buy or rent a property in Punta del Este?
|
|
| |
Who can buy or rent ? |
| |
A frequent question is : Can foreigners buy a property in Punta del Este?. The answer is YES , foreigners CAN buy a property in Uruguay.
|
| |
Buying a property |
| |
Here we describe the most common steps to buy a property:
Ones you have decided which property you will be buying , the real estate agency communicates your offer to the property’s owner, if he/she accepts , a ” Reservation Ticket” will be signed by the buyer and the real estate agency representing of the owner.
The owner will have to confirm this by signing this document within a given time (generally the owners are not present because in most cases they are people who doesn’t leave in Punta del Este , and they give agree by phone).
At the time of signing the Reservation Ticket , the buyer has to contract a Public Notary to begin the property documentation’s study , the buyer has to leave a deposit as well (usually a 10% of the total price).
This deposit can be kept by either the Public Notary or the Real Estate Company . The deposit acts as a fine in case any of the parties don’t fulfill the buy (either buyer or current owner). If the Public Notary get to the conclusion that the documentation is not correct, the operation will be cancelled and the deposit will be returned.
In approximately a 30 days (this time may vary) the notary will have the documentation ready and the property’s title will be signed if it’s a cash operation , or a “buy-sell compromise” if it will be financed.
In this case the buyer and current owner have to give the Real Estate agency its commission , and corresponding taxes.
|
| |
How to Rent |
| |
Here below we´ll explain the aspects you need to know about renting properties in Punta del Este during summer season: Once you´re decided on the property you´d like to rent, your Realtor will pass on your offer to the landlord.
He/she will decide weather or not your offer is accepted. Once an offer is accepted, a lease will be sign between you and the Realtor representing the landlord. In the event that a you don´t take possession of the property immediately, you must leave a 50% down payment altogether with the Realtor´s commission .
The remaining 50% must be paid in full before checking in. You´ll be asked to leave a deposit to cover electric, telephone and water expenses. In the event that you occupy the property right away, the payment must be paid in full before check in. *(100% of the price stipulated on the lease) At this point the Realtor´s commission and deposit must be paid in full as well.
|
| |
Commission |
| |
SALE : The Real Estate agency’s commission percentage of a sale is the 4% , tax included.
RENTAL : The agency’s commission percentage of a rent is the 10% tax included.
|
| |
TAXES |
| |
IVA : This 22% tax fee is applicable to the commission received by realtors.
ITP : This is a tax fee applied to buyers and sellers .Both must pay 2% tax fee over fiscal value, every time a property is sold. This sum must be paid to the notary.* This fiscal appraisal value is usually lower than market prices.
|
| |
Rental Deposit |
| |
The Rental deposit fee is 20% of final rental price shown on the lease. It will cover expenses (electric; telephone; water; replacements and maid services) during the rental period. The Realtor will refund the
remaining money after paying off all these expenses.
|
| |
Apuntavamos is not responsible for sudden changes on taxes or commission fees here expressed. If you notice sudden changes, please get in touch with your personal Realtor |
|
